48 hr loan

[greenskeeper]

Trying to purchase a truck from Delaware in the amount of $5000 on SATURDAY. I have $2x,xxx in an online savings account. The funds will not transfer to my checking account until MONDAY.

My idea is to get a personal loan from the local bank today, buy the truck, then pay the loan off on MONDAY. There is no pre-payment penalty.

Time is the issue. I can't wait until next Saturday to purchase the truck for various reasons.

Thoughts?

[kobe008]

If you know the funds will be in your account Monday then write a check? Shouldn't clear until Monday if your bank doesn't process on weeekends?

[MonkeyMama]

Can you just explain situation to seller? I've never had any issue saying "I have to transfer funds, but it will be there Monday." Especially over the weekend. People (& businesses) tend to be pretty understanding of the logistics when it comes to a big purchase like that.

Personal loan is a lot more hassle, but is probably fine. (I have several times borrowed a large sum of money for a few days - always for a financial incentive). Having a good credit score, it doesn't make any difference. Read all the fine print. IS a lot of hassle, but I don't really see any other downsides. (These have always helped our credit scores since we don't particularly borrow money otherwise. The only official "car loan" we have ever had was for about 5 days, and it significantly boosted our credit score at the time, since it was the first time we had ever had an installment loan like that. We otherwise only have mortgage and credit cards on our credit reports).

You don't have any friends or relatives who can spot you for a couple of days?

[kork13]

I'm with MM, I'd probably just explain to the seller the circumstances. It simply takes time for large transactions to be processed, and an additional 3 days shouldn't kill him.

If the seller is insistent, I would first question why, and then (assuming a valid/not shady reason) just go with your current plan of a short-duration loan. It'll solve the problem, and the impact to your credit will be negligible (if not positive).

[Baby_nurse]

Does the transaction have to be completed on Saturday? If it can wait till Monday, that's what I would do. No way in heck that I, as a seller, would take a post dated check in exchange for my car. Far too many stories in the news about sellers getting scammed.

[siggy_freud]

Can't do a cashiers check against the savings account from the bank? Have the seller go with you to the bank so he can verify it's legit and the funds are there.

[Wino]

If you know the funds will be in your account Monday then write a check? Shouldn't clear until Monday if your bank doesn't process on weeekends?

That is called kiting a check, and only Congress is allowed to do it.

[snafu]

Some other options...Use your bank's electronic transfer from your savings account to seller's bank account. If you reject that idea, you can take a cash advance against your CC and pay the CC electronically or in person at a bank at opening Monday AM. Check with your CC to see if there is a fee for a few hours of financing. If your ATM card is linked to your saving account, you can withdraw your limit from each account. Do you have access to your EF?

[greenskeeper]

I work 60-70 hrs during the week, so the weekend was the only chance. The truck is also 3 hrs away in delaware.

Doesn't matter in the end....truck was sold last nite to the first buyer with cash.

High demand vehicles don't stick around for too long.

Wasn't ment to be I guess.

I will be moving my savings to the credit union offered through my work. The interest rate is .25% instead of the whopping .75% I was getting online (thank you king Ben for that). This way I can have access to my money any time I want.

[~bs]

I work 60-70 hrs during the week, so the weekend was the only chance. The truck is also 3 hrs away in delaware.

Doesn't matter in the end....truck was sold last nite to the first buyer with cash.

High demand vehicles don't stick around for too long.

Wasn't ment to be I guess.

I will be moving my savings to the credit union offered through my work. The interest rate is .25% instead of the whopping .75% I was getting online (thank you king Ben for that). This way I can have access to my money any time I want.

Sorry to hear about that. But you just found out first hand that online savings accounts aren't nearly as liquid as money in a local checking/savings accounts. And if there's a possible situation where you may need money immediately, local is definitely better.